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MPFA Chairman Mrs Ayesha Macpherson Lau today (22 May) spoke on RTHK programme “Letter to Hong Kong”, sharing her feeling since assuming office, vision of the MPF System and future work plan. 

In the programme, Mrs Lau pointed out that the MPF System, like any major social system in Hong Kong, has seen its challenges and undergone continuous enhancement over the past 20 years. As at the end of 2020, the total MPF assets amounted to $1.1 trillion; and with 4.5 million scheme members, each scheme member had an average MPF of about $250,000, 15% higher than that in the previous year. The number of MPF accounts having accumulated more than $500,000 increased from 340,000 to nearly 500,000, and those accounts having accumulated more than $1 million increased from over 63,000 in 2019 to about 100,000 last year. These figures show the strength of the design of the MPF System, in which savings and investment returns are accumulated and multiplied through regular contributions by both employers and employees over decades.

She said that one of her key work targets is to ensure the eMPF Platform project is implemented on schedule. When the Platform is in full operation, it will bring about a total revamp of the MPF ecosystem, providing greater efficiency and a better user experience. Most importantly, it will create more room for fee reduction through a highly efficient digitalized operation model.

Mrs Lau added that protecting scheme members’ interests is of the utmost importance to her as the MPFA Chairman. To this end, she has taken the initiative to meet with representatives from labour unions since assuming office to listen to their views on how MPF can be improved to strengthen retirement protection for grassroots workers. Her vision of the MPF System is to make it become a retirement savings system that is valued by the working population of Hong Kong, and a system they can depend on to provide for their basic needs when they retire.

Please click here for the full speech of the “Letter to Hong Kong” in Chinese. Please also stay tuned to the English version which will be aired on RTHK Radio 3 tomorrow (23 May). 

Mrs Ayesha Macpherson Lau shared her feeling since assuming office, vision of the MPF System and future work plan in RTHK’s “Letter to Hong Kong”.

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22 May 2021